REG - Longboat Energy PLC - Directorate Change

Longboat EnergyAnnouncement

01/05/2024 07:15

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RNS Number : 7042M  Longboat Energy PLC  01 May 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 596/2014 AS AMENDED AND TRANSPOSED INTO UK LAW IN ACCORDANCE WITH
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

 

1 May 2024

 

Longboat Energy plc

(the "Company", "Longboat Energy" or "Longboat")

 

Directorate Change

 

Longboat Energy, established in 2019 to fast track the creation of a new mid
cap independent oil and gas company and currently active in Norway and
Malaysia, announces the following change to the board of directors.

 

In May 2023, Longboat announced that it had reached agreement with Japan
Petroleum Exploration Co., Ltd ("JAPEX") to make a significant investment into
its Norwegian subsidiary to form a joint venture, Longboat JAPEX Norge AS
("Longboat JAPEX"). In order to maximise the value of Longboat Japex and
pursue its growth strategy, Helge Hammer has elected to focus his time
exclusively on his role as Chairman of Longboat JAPEX. Accordingly, Mr Hammer
will step down from his role as Chief Executive Officer of Longboat Energy and
from the board of the Company, with immediate effect.

In recognition of the growing importance of Southeast Asia in the Company's
portfolio and opportunities to capitalise on the advantages Longboat has
created in the region, Nick Ingrassia, currently the Corporate Development
Director, will assume the role of Chief Executive Officer.

Graham Stewart, Chairman of Longboat commented:

"On behalf of the Board of Longboat, I would like to thank Helge for his years
of dedication and service as Chief Executive Officer. Delivering on Longboat
JAPEX's acquisition pipeline is critical for the Company and this step will
allow Helge to focus on delivering shareholder value from Longboat's Norwegian
joint venture.

The Board sees considerable opportunity in Southeast Asia and Nick's
appointment as CEO will allow Longboat to focus on taking full advantage of
the exciting opportunity set in front of us."

Helge Hammer, outgoing CEO of Longboat commented:

"Following the successful sale of Faroe Petroleum in 2019, we established
Longboat Energy with focus on Norway, where we have built a full cycle
portfolio and have a fantastic team of E&P professionals.  I'm confident
that Nick Ingrassia, a highly respected leader at Longboat Energy, with a deep
understanding of our business and a proven track record of success, will lead
the company forward seamlessly. I would like to thank my colleagues in
Longboat Energy plc for the many years of hard work and I look forward to
continuing to work and grow a material production portfolio in Norway together
with Longboat JAPEX team."

Ends

 

 Enquiries:
 Longboat Energy                                   via FTI
 Nick Ingrassia Chief Executive Officer

 Stifel (Nomad and Joint Broker)                   Tel: +44 20 7710 7600
 Callum Stewart                                    SNELLongboatEnergy@Stifel.com

 Jason Grossman

 Ashton Clanfield

 Cavendish Capital Markets Limited (Joint Broker)  Tel: +44 20 7397 8900
 Neil McDonald

 Pete Lynch

 Leif Powis

 FTI Consulting (PR adviser)                       Tel: +44 20 3727 1000
 Ben Brewerton                                     longboatenergy@fticonsulting.com (mailto:longboatenergy@fticonsulting.com)

 Rosie Corbett

 Catrin Trudgill

 

 Company Background

 Longboat Energy was established at the end of 2019 to create a full-cycle
 E&P company through value accretive M&A and near-field exploration.
 Longboat's initial focus has been in Norway where the Company has drilled nine
 exploration wells resulting in six hydrocarbon discoveries, representing a 66%
 technical success rate.

  In July 2023, Longboat completed a transaction with Japan Petroleum
 Exploration Co., Ltd ("JAPEX") to form a new joint venture company in Norway
 named Longboat JAPEX Norge AS in return for a cash investment of US$20 million
 and a US$100 million Acquisition Financing Facility. Longboat retains 50.1%
 ownership in Longboat JAPEX Norge AS.

 Longboat JAPEX Norge AS holds interests in six discoveries on the Norwegian
 Continental Shelf and has a 4.80% interest in Statfjord Øst and 4.32%
 unitised interest in Sygna producing fields.

 Longboat entered Malaysia in February 2023 through the award of a Production
 Sharing Contract for Block 2A, offshore Sarawak where it holds a 52.5%
 operated interest. Block 2A covers approx. 12,000km2 and is located in water
 depths of between 100-1,400 metres and contains the giant 'Kertang' prospect
 which has volume potential of multiple trillions of cubic feet of gas.

 Longboat's activities remain focused on creating a portfolio with a clear
 low-cost route to monetisation and low-carbon drilling and development
 opportunities, well aligned to Longboat's ESG targets which includes a
 corporate 'Net Zero' on a Scope 1 and 2 basis by 2050.

 

Company Background

 

Longboat Energy was established at the end of 2019 to create a full-cycle
E&P company through value accretive M&A and near-field exploration.
Longboat's initial focus has been in Norway where the Company has drilled nine
exploration wells resulting in six hydrocarbon discoveries, representing a 66%
technical success rate.

 

 In July 2023, Longboat completed a transaction with Japan Petroleum
Exploration Co., Ltd ("JAPEX") to form a new joint venture company in Norway
named Longboat JAPEX Norge AS in return for a cash investment of US$20 million
and a US$100 million Acquisition Financing Facility. Longboat retains 50.1%
ownership in Longboat JAPEX Norge AS.

 

Longboat JAPEX Norge AS holds interests in six discoveries on the Norwegian
Continental Shelf and has a 4.80% interest in Statfjord Øst and 4.32%
unitised interest in Sygna producing fields.

 

Longboat entered Malaysia in February 2023 through the award of a Production
Sharing Contract for Block 2A, offshore Sarawak where it holds a 52.5%
operated interest. Block 2A covers approx. 12,000km2 and is located in water
depths of between 100-1,400 metres and contains the giant 'Kertang' prospect
which has volume potential of multiple trillions of cubic feet of gas.

 

Longboat's activities remain focused on creating a portfolio with a clear
low-cost route to monetisation and low-carbon drilling and development
opportunities, well aligned to Longboat's ESG targets which includes a
corporate 'Net Zero' on a Scope 1 and 2 basis by 2050.

 

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